1 Under current law, the year of Trust
Fund reserve depletion is 2034.

2 A change
in the investment of trust fund reserves to include some
equities affects the size of all summarized measures because increased
"present-value" discounting reduces the weight on values for more distant
future years. As a result, the magnitude of the current-law actuarial
balance and the summarized effects of most proposals is reduced. Therefore,
the size of the change in the long-range actuarial balance indicated here
cannot be interpreted directly as a reduction in the shortfall. The actual
reduction in the shortfall from equity investment depends on the amount of
reserves that are available for investment throughout the period. For example,
if provisions to change revenue or scheduled benefits resulted in a purely
pay-as-you-go system (reserves just above zero throughout the period), then
investment in equities would have no effect on the actuarial balance.